Time of the Essence Clause
This Time of the Essence clause contains two options. The first makes time of the essence of the contract; the second states that time is not of the essence of the contract. Time being of the essence in a contract means that references to times, dates, and periods are conditions of the contract. Failure by one party to comply (e.g., to complete a particular task on time) can give the other party the right to terminate.
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